RIYADH: The Saudi Central Bank, known as SAMA, has extended a guaranteed financing scheme for micro, small, and medium-sized businesses for one more year.
To date, the Guaranteed Financing Program has benefited over 13,000 contracts with a total financing value of more than SR11 billion ($3 billion), the bank said in a statement.
It will now be extended until March 14th, 2023.
Micro, small and medium enterprises, or MSMEs, that are members of the Kafalah program and are subject to the supervision of the Saudi Central Bank can benefit from it.
This comes in line with SAMA’s mandate of promoting financial sector stability, supporting economic growth and enhancing its support to MSMEs development.